EDIT:
I have now had this lathe for over a year now, and I am still very happy with it. I have now turned bowls, pens, spindles etc… on it, and it has done very well. I still haven’t pulled the trigger on the extension, but to be perfectly honest, I haven’t had a need for an extension yet. I did purchase a barracuda chuck system from PSI, as well as a new set of Benjamin Best lathe chisels.
The motor has held up well, and I am still on the first belt that came with it....